The great thing about an auction process is that all interested parties have the opportunity to do their homework and make an offer

Buyers Guide to Auction



Understanding the Auction Process

What Auction Offers Buyers:

  • Transparent, competitive bidding process
  • Clear sale terms and conditions
  • Immediate ownership decision
  • No lengthy negotiation periods
  • Fair market value through competition

Before Auction Day

Research & Preparation:

  • Attend open homes and private viewings
  • Obtain building/LIM reports if required
  • Arrange pre-approved finance
  • Set your maximum bidding limit
  • Register with proof of funds

Get Professional Advice:

  • Engage solicitor for contract review
  • Confirm deposit and settlement terms
  • Understand auction conditions
  • Arrange building inspections


Auction Day Process

Registration:

  • Arrive early to register as bidder
  • Provide proof of funds/pre-approval
  • Receive auction conditions

During Auction:

  • Professional auctioneer manages process
  • Open, transparent competitive bidding
  • Sale confirmed on fall of hammer
  • No cooling-off period

If Successful:

  • Immediate contract signing required
  • Deposit paid on the day (usually 10%)
  • Clear settlement timeline
  • Keys handed over on settlement


Buyer Tips for Success

Bidding Strategy:

  • Set firm budget limit beforehand
  • Don't get caught in emotion of moment
  • Bid confidently when ready
  • Remember - if reserve not met, property passes in

Financial Preparation:

  • Have deposit funds readily available
  • Confirm settlement capability
  • Understand all costs involved
  • Have solicitor on standby

Sellers Guide to Auction



Why Choose Auction with Summit

When Auction Works Best:

  • Properties with unique features or character
  • Sought-after locations with high buyer demand
  • Quality homes in premium neighbourhoods
  • Situations with multiple interested buyers

Key Seller Benefits

No Asking Price. Marketing without price means buyers judge purely on property features, removing price objections and encouraging broader interest.

Buyer Competition. If there's a premium in the market, auction's competitive bidding is the most effective method to achieve it.

Sell on Your Terms. No complicated conditions - binding contract on fall of hammer with clear terms you set.

Complete Control. Set terms, conditions, auction deadline, possession dates, and chattels (solicitor vetted).

Sense of Urgency. Auction deadline helps procrastinating buyers make decisive decisions.

Summit's Marketing Process

High-Profile Campaign Includes:

  • Professional photography and presentation
  • Summit Weekly magazine feature
  • Digital marketing across all platforms
  • Premium auction signage
  • Direct buyer database marketing
  • Pre-auction viewings and buyer qualifying

Tips for Auction Success

Preparation:

  • Set realistic reserve with agent guidance
  • Present property at its absolute best
  • Be flexible with viewing times
  • Trust your auctioneer's expertise



Interested in auction properties?

Contact Summit to discuss current auction listings and bidding strategies.

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